If you’re a small business owner, you’ve probably had enough paperwork to last you a lifetime. And just when you thought you could breathe easy—enter the BOI Report. Don’t worry, it’s not as scary as it sounds! In fact, if you haven’t heard of it yet, that’s exactly why we’re here: to break it down for you in a way that makes sense and—hopefully—brings a smile to your face (at least when you’re not knee-deep in tax forms).
What Is a BOI Report Anyway?
The BOI Report, or Beneficial Ownership Information Report, is required by the Corporate Transparency Act (CTA), a new regulation designed to help the government track the individuals who actually own or control companies. It’s basically a way to cut through all the corporate layers and figure out who’s calling the shots. Sounds simple, right?
Well, kind of. But like anything involving the government and paperwork, it can get a little tricky. Luckily, we’re here to help you understand it, and even file it for you if you’d prefer to skip the hassle! Sign up to have HBC file your BOI here!
Do I Have to File a BOI Report?
If you’re the proud owner of a small business (like an LLC, corporation, or other legal entity), chances are you’ll need to file a BOI Report starting in 2024. The report includes:
- Personal information about the owners and decision-makers of your business (specifically those with 25% or more ownership).
- Details about the structure of your company and who has significant control.
- For businesses created after 1/1/24, who filed the paperwork (attorney, accountant, etc)
The filing is due before January 1, 2025, for businesses formed before January 1, 2024. Here’s a complete list of deadlines related to the BOI Report:
- Businesses formed before January 1, 2024: File before January 1, 2025.
- Businesses formed on or after January 1, 2024: File within 90 days of formation.
- Businesses formed on or after January 1, 2025: File within 30 days of formation.
- You must also file an updated report within 30 days of any changes in ownership or structure of your business. – this includes the business or any owners moving, etc. Learn more about what qualifies here: https://www.corpnet.com/start-business/boi-reporting/
Think you’re excluded from having to file a BOI? Click here to check out the exclusions.
The Good News? It’s Free to File!
That’s right—there’s no fee to file your BOI report. You can absolutely do it yourself by heading over to the official FinCEN website for more information and to get started. But if you’re already swimming in paperwork and would rather not add another form to the pile, we’ve got your back:
Sign up to have HBC file your BOI here!
How Does Filing a BOI Report Help?
The goal of the government is transparency and reducing financial crimes (think: money laundering). By knowing who’s really behind the scenes of a company, they help ensure the business world stays on the up and up. Plus, filing on time helps you avoid costly fines and penalties, which is always a good thing!
But here’s the thing—like with all things bookkeeping, it’s not the what that’s the hard part, it’s the how. That’s where many small business owners hit a speed bump.
The Penalties for Missing the Deadline Are No Joke
You don’t want to let this one slip by. If you miss the BOI filing deadline, penalties start at over $500 a day. And that’s just the beginning—more severe non-compliance could even lead to criminal penalties, including imprisonment for up to two years and fines up to $10,000. So, it’s better to get this done sooner rather than later!
How Hill Bookkeeping & Consulting Can Help You with BOI Reporting
Here at Hill Bookkeeping & Consulting, we know your time is precious, and wading through government forms probably isn’t your idea of a fun afternoon. (Though, if it is, no judgment—we love forms too!) But for everyone else, we’re happy to help!
For just $250, we’ll file the BOI Report for you. You give us the info, and we’ll handle the nitty-gritty details to make sure it’s done right and on time. Need to file an update because of a business change? We can handle that too!
Why You Should Let Us Handle It:
- Expertise: We’ve been in the business long enough to know how to make sure all the i’s are dotted and t’s are crossed.
- Simplicity: Why spend your day figuring out what box to check when you could be focusing on running your business?
- Peace of Mind: Filing this report is important, but it doesn’t need to be stressful. We’ll make sure everything is submitted properly, so you don’t have to worry about it.
Get Ahead of BOI Reporting
We get it—new regulations and paperwork are the last things on your mind when you’re running a small business. But the sooner you knock it out, the less you have to worry about when 2025 rolls around. And trust us, future you will be thanking present you for getting this taken care of!
If you’re ready to file, or if you just have questions about how it works, we’re here to help. Reach out to Hill Bookkeeping & Consulting today to get started! Whether you want us to file it for you or just walk you through the process, we’ve got you covered.
And hey, if you’re not a fan of forms, you’re in good company. We’ve mastered the art of keeping it as painless as possible, so you can get back to doing what you do best—running your business.
Don’t risk a costly mistake when it comes to filing your BOI! File your BOI report with Hill Bookkeeping:
Sign up to have HBC file your BOI here!
Have a question? Schedule some time to chat here.
